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Peter Brandt: Bitcoin's recent price correction "doesn't mean anything"


www.chepicap.com 03 July 2019 12:10, UTC
Reading time: ~2 m

During a recent interview with CoinTelegraph, legendary trader Peter Brandt has doubled down on his belief that Bitcoin is firmly in a bull market despite its recent price correction.

“Bitcoin has a record of correcting. If you look back through the price history of Bitcoin I think there has been four or five times when Bitcoin’s had an 80% correction from high. We’ve barely come off 20% here,” Brandt said.

He goes on to say that while we’re still in a bull market, “we just got ahead of ourselves” which has seen a lot of people panicking about the market potentially topping out. “Perhaps it has topped out for the time being but I still see Bitcoin as very possibly in another parabolic bull market. Just because we’ve had a one or two-day correction, that really doesn’t mean anything.”

Brandt further believes that this correction could take Bitcoin down to between $8,700 and $9,500 which would, if nothing else, represent a nice buying opportunity.

Brandt was also asked to elaborate a little more on his recent tweet where he said: “there has never been another market like Bitcoin.” Brandt explains that Bitcoin advanced from its low in 2010 to its highest ever in 2017, representing growth of more than 8,000 fold. “There is no other market where you can see parabolic advances, a series of parabolic advances on a log chart. It’s hard to find a stock such as Apple or Netflix or Amazon that’s had a parabolic advance on a log chart.”

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